NYS Affordable Housing Corporation Approves $260,000 Grant for Home Improvements in Greene, Delaware Counties

NEW YORK, NY (03/04/2010)(readMedia)-- The board of the New York State Affordable Housing Corporation (AHC) today approved a $260,000 grant to the Western Catskills Community Revitalization Council, Inc. to acquire and renovate eight homes in Delaware and Greene Counties.

"This grant will help upgrade aging housing stock and improve the quality of life in Delaware and Greene Counties," said Judd S. Levy, AHC Chairman. "Our funding reinforces Governor Paterson's mission to preserve affordable housing even in difficult economic times."

The AHC grant will be used to acquire and rehab eight single-family homes. Improvements will include new or repaired roofs, septic systems, and heating or electrical systems and may need other repairs to bring them into compliance with current building and fire safety codes. The project will be reserved for households with incomes up to $60,170 for a family of four in Delaware County and $63,020 in Greene County.

The total cost of the project is $1.76 million. In addition to the AHC grant, the program will be funded by homeowner mortgages and equity.

____

AHC, a subsidiary of the NYS Housing Finance Agency, was established in 1985 to promote homeownership by low- and moderate-income households. Financial assistance approved annually by the New York State Legislature, combined with other private and public investment, is used for the construction, acquisition, rehabilitation and improvement of owner-occupied housing.

###